The enquiry does not have anything to do with the current Derby County Board but relates to the take-over of the club by a consortium in October 2003. No names have been released but the two men are said to be aged 54 and 46.
Derbyshire Police released this statement concerning the matter.
"Derbyshire Police, who are investigating alleged financial irregularities within Derby County Football Club can confirm that two men have been arrested in connection with the inquiry.
The two men concerned have been released on Police bail pending further enquiries.